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Talking About Life Insurance with Your Spouse

March 4, 2015

talk to your spouse about life insuranceTalking about life insurance doesn’t have to be the elephant in the room. While it can create unease, as no one likes to think about a loved one dying, it is essential for couples to talk about their life insurance needs.

Most couples with or without children are often dependent on dual incomes, and while it might seem feasible for a couple with no children to survive on their own income, it is important to keep things like mortgage payments, business expenses, health benefits, and other financial obligations in mind when deciding whether or not a policy is right for you and your spouse.

We understand that broaching the topic of life insurance can be difficult. Financial discussion can be strenuous, and when the death of a loved one is added to the mix it can create tension. However, there are some ways that you can better equip yourself for having a healthy and positive life insurance conversation with your partner. Follow these steps to help guide you through the life insurance talk with your spouse.

1. Set a Time

It might seem easier to just bring up life insurance over dinner, or while settling in for some nighttime television. However, like most financial discussions it’s best if both you and your spouse have time to prepare for the conversation. Let your partner know that you would like to discuss the topic, and ask to find a time when you can sit down and have an open conversation about how life insurance might benefit you and your family.

2. Be Informed

Knowledge is power and the more you know about life insurance policies the easier the conversation will be. It’s important to have enough information to inform your spouse about different types of policies, their costs, and how they can benefit your family at the time of death, or even how life insurance can be an asset as a long-term cash-accumulation option. We encourage you to use our life insurance learning center as a good starting place.

3. Always Show Understanding

Death is a difficult concept and even harder thing to talk about for many people. It’s critical that you be understanding of your spouse’s hesitation if they are feeling apprehensive. Don’t force a conversation; if you or your spouse is having a bad day, or there has been recent turmoil in your personal life, it may be best to hold off for a more appropriate time.

4. Make it Part of Your Overall Financial Planning

Life insurance should be thought of in terms of financial planning, as this often allows loved ones to get past any hesitation about discussing it. Life insurance is a financial asset that can even be leveraged like an investment, so make sure that you speak with a qualified financial planner, or take some time to research the financial benefits of life insurance. All of this information will make it easier for you and your spouse to have a healthy and constructive conversation about whether or not life insurance is right for you.